The risk off tone this week in the wake of a lack of conviction by the Fed and softer German ZEW weighed on the EUR a tad but setbacks were supported by a recovery in European stocks. The Australian Dollar (AUD) slumped to 0.6795 (1.4720) recovering in early Friday sessions to 0.6860 (1.4580) Earlier Australian employment data came in poor with the participation rate falling to 66.4% the economy losing 40,000 jobs in July, while the unemployment rate clicked lower to 3.4% from 3.5%. Next week’s key data comes in the form of Eurozone Manufacturing data. Sellers of Euro should consider below 0.6900 as the long-term AUD bull trend gathers space.
The current interbank midrate is: AUDEUR 0.6850 EURAUD 1.4598
The interbank range this week has been: AUDEUR 0.6797- 0.6954 EURAUD 1.4380- 1.4712